Nationwide (Crime rate of the neighborhood must not exceed 125% of the national average)

Amortization

If the property is less than 50 years old: 30 years

If the property is older than 50 years: 25 to 15 years

Loan Term

15 years

Points

2.5 - 4 points typically

Prepayment Penalty

None

Application Fees / Upfront Fees

None

Loan-to-Value Ratio

Purchase money loans: 75%

Refinances: 65% to 70%

Land loans: 25% to 50% (usually 40%)

Interest Rate

8.9% to 10.9% in California

10.9% to 13.9% outside of California

Each loan is priced individually, depending on the safety and affluence of the area, the attractiveness of the property, the age of the property, the loan-to-value ratio, the size of the loan, whether the loan is a refinance or a purchase money loan, the income and wealth of the borrower, and the credit of the borrowers.